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Home»ADOPTION NEWS»Paradigm leads $150 million funding for web3 social media platform Farcaster
ADOPTION NEWS

Paradigm leads $150 million funding for web3 social media platform Farcaster

By Crypto FlexsMay 21, 20243 Mins Read
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Paradigm leads 0 million funding for web3 social media platform Farcaster
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The web3 social media platform Farcaster team has raised $150 million in funding led by Paradigm. A16z crypto, Haun Ventures, USV, Variant, Standard Crypto, etc. participated in this round.

Farcaster co-founder Dan Romero wrote in Tuesday’s announcement that the increase will “support our work at Farcaster for years to come.” Over the remainder of 2024, the company plans to double the number of daily active users and add developer fundamentals such as channels and direct messaging to the protocol. Farcaster is also hiring staff-level engineers.

“Since going permissionless last October, Farcaster’s paid subscriptions have reached 350,000 and network activity has increased 50-fold,” Romero said in a statement. “Hundreds of developers are building on the protocol, and there is a growing number of apps and frames for people to use.”

Farcaster is an Optimism-based decentralized social media platform that not only gives users more control over their data, but also allows developers to power the platform through mini-applications called “frames.”

The Block previously reported in March of this year that Farcaster was in discussions with venture firms about a new funding round that could value the company at more than $1 billion. July 2022, The team raised $30 million in funding led by a16z crypto, with additional participation from Standard Crypto, Elad Gil, 1confirmation, Scalar Capital, First Round Capital, Volt Capital, and A Capital.

Farcaster arbitrage support

Also on Tuesday, Farcaster added support for layer 1 blockchain Arbitrum. The move brings the platform’s total supported networks to three, along with Solana and Ethereum.

“From now on, frames can be built with direct Arbitrum transaction support, giving frame builders and users direct access to one of the largest blockchain communities,” the Arbitrum Foundation wrote on social media platform X.

The web3 social platform saw an increase in daily user activity from late March to April, with the number of “reactions” more than doubling from 1.83 million on March 31 to 4.43 million on April 17, similar to the number of likes on web2 social media. . You’ll see Block’s data dashboard.


Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

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